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Slovakia among top 30 countries with the best business environment

“This positive evaluation is the result of reforms and many specific measures of the government, especially in the field of starting a business, protecting investors or paying taxes, but also in other areas,” the Finance Ministry wrote in a press release.

The ministry stressed that the country improved in nearly all relevant areas analysed in the report. Slovakia improved the most in the paying taxes category, where it moved up by 36 positions to 73rd place. It also improved in starting a business (up by three positions to 68th place).

On the other hand, it dropped the most in dealing with construction permits and getting credit (down by six places in both categories, to 84th and 42nd place, respectively). It also fell by three positions in resolving insolvency to 33rd place, the SITA newswire reported.

“We can talk about the real improvement of the investment environment, but also about significant improvement in promoting our investment environment to potential foreign investors,” the ministry stressed.

The report, published by the World Bank, analysed all aspects of the business environment which have an impact on companies and investors. The index contains altogether 11 indicators.

The absolute leader in the quality of the business environment is Singapore, followed by New Zealand and Denmark. Of the Visegrad Group (V4) countries, the best business environment is in Poland which placed 25th. The Czech Republic and Hungary reported worse results than Slovakia, placing 36th and 42nd, respectively, SITA reported.

After the Agriculture Ministry lifted its embargo, it turned out that the companies of Italians suspected of ties with ’Ndrangheta received subsidies worth millions of euros, through the Agricultural Paying Agency.